I don’t understand this - Financially challenged Posted: Sep 27th, 2021 - 11:19 am In Reply to: Biden's tax proposal targets bank accounts with more than $600. 'That's - NOT for the wealthy. That's for EVERYONE.
And I don’t understand how it affects the average person, the average American doesn’t have foreign accounts. Our income already gets reported and it’s taxed, they already know how much money I make. I think banks already employ data reporting, and there have been rules governing transfers between accounts for years. People deposit funds into retirement accounts, and payroll gets deposited, almost everyone has at least $600 in the bank, and spends much more than that in the course of a year. If people make runs on the bank and withdraw all of their funds, wouldn’t that violate the $600 rule? I need to talk to a financial advisor, I guess. I’m sorry, but I’m having trouble wrapping my brain around this. It almost sounds like a news story that has been misunderstood and blown out of proportion.
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